Senior Revenue Officer, Rubben Kwaku Satu, Officer in charge of Strategy, Planning, Monitoring, and Evaluation at the Customs Technical Services Bureau (CTSB), identified the lack of supporting documentation for declarations and appeals; data-entry errors involving vehicle chassis numbers, models, and engine cubic capacities; incomplete certificates of origin; and the attachment of incorrect invoices and bills of lading as some of the recurring problems confronting Customs.

Speaking during a UK-Ghana Chamber of Commerce (UKGCC) and PwC Ghana webinar on “Customs, Import Documentation, and Trade Facilitation: Improving Efficiency for Businesses,” Rubben Kwaku Satu, Esq. continued that without supporting documentation, an officer may be unable to justify accepting the importer’s position, which can prolong processing. Data-entry errors, on the other hand, can lead to incorrect assessments and require subsequent corrections, modifications, or cancellations.

Furthermore, incomplete certificates can result in claims for preferential tariff treatment being rejected until the documentation is corrected, while the cancellation or modification of declarations containing incorrect invoices or bills adds both cost and time to the clearance process.

These documentation errors or compliance errors, when minimised, ensure that Customs is efficient for businesses,” Mr. Satu remarked, and urged business owners to get involved in the process to reduce the errors.

“As a business owner, get involved in the clearance process. That is the only way errors will be minimised and you’ll get value for money to protect your business,” he said.

Get it right before the goods arrive

Satu further advised businesses to engage qualified and licensed Customs house agents, use pre-arrival processing and, where applicable, seek advance rulings on classification and origin to reduce errors.

He said regular importers could use advance rulings to establish the applicable classification and origin treatment of goods before arrival, improving predictability and allowing them to plan appropriately. Businesses importing large volumes could also consider becoming self-declarants, enabling their staff to specialise in their own import transactions.

Businesses using Customs house agents, however, should not leave the entire process to the agent.

What businesses that use Customs house agents should do is they should study the declarations received from their agent and ensure all anomalies are corrected before the goods arrive,” Mr. Satu advised.

He strongly recommended pre-arrival processing so that declarations could be submitted and discrepancies dealt with before consignments reach the ports.

Businesses should also have their Import Declaration Form (IDF), bill of lading, commercial invoice, packing list, certificate of origin, permits, licences, exemptions and authorisations, relevant bonds and guarantees, sales contracts, letters of credit and evidence of payment readily available where applicable.

A panelist, Ebenezer Agawu, Operations Manager at Consolidated Shipping Agencies LTD., concurred with Mr. Satu’s position, emphasising the importance of getting the documentation right before making a submission.

 If you are able to present an accurate document, that should actually enhance the facilitation of Customs procedures and other agencies without any difficulty,”  he remarked.

Customs pushes reforms as port hitches persist

Satu said Customs was also implementing measures intended to improve efficiency, consistency, and predictability.

These include advance rulings, the single-window platform, pre-arrival processing through ICUMS, risk management and post-clearance audits, electronic payment of duties and taxes, and greater cooperation among border agencies.

Customs has also centralised classification, valuation, and appeals through the CTSB, while officers are being trained and retrained to improve consistency. Classification and origin advance-ruling applications have also been digitised.

Other improvement measures outlined include efforts to improve vehicle processing, joint inspection of consignments, publishing a list of licensed Customs house agents, and exploring ways of clearing empty containers more quickly to decongest the ports.

Agawu, however, highlighted operational bottlenecks which, in his view, continue to undermine some of the efficiency gains being pursued.

He pointed to delays at valuation, congestion at the ports, and difficulties transferring containers from MPS to inland container depots. He said delays in moving containers could have financial consequences for importers as the clearance period continued to run.

Agawu thus suggested that improved rail infrastructure and inland Customs-controlled facilities in areas including Kumasi and Tamale could help reduce decongestion.

Responding, Satu acknowledged that road infrastructure was affecting the movement of containers to inland container depots.

There are discussions underway to improve because it’s a balancing act between protecting revenue and ensuring businesses do not suffer,” he said.

Customs as a shared responsibility

Against this backdrop, Satu encouraged businesses to approach Customs offices with their concerns, follow Customs’ media engagements, prepare adequately before importing, and take advantage of suspense regimes and preferential arrangements including AfCFTA, the ECOWAS Trade Liberalisation Scheme and the UK-Ghana Trade Partnership Agreement.

For us to be efficient as Customs, it’s a shared responsibility between us and you. Help us to be efficient, so you also benefit as businesses,” Satu concluded.

Beyond documentation and clearance efficiency, the webinar, moderated by Maxwell Ntiri, an Associate Director with PwC Ghana’s Tax Services, examined Publican- one of Customs risk management tools, Customs classification and valuation, advance rulings and appeals, post-clearance audits, the new Customs Act, non-tariff barriers and trade arrangements including AfCFTA, the ECOWAS Trade Liberalisation Scheme, and the UK-Ghana Trade Partnership Agreement.

By Elikem Desewu

Ghana’s industrialization journey may be entering a defining chapter. Ekumfi Fruits & Juices Limited is emerging as a potential model for turning development-finance investment into agricultural prosperity, youth employment, industrial expansion and export growth.

With Ghana EXIM Bank participation — its existing credit now restructured to approximately US$6 million — Ekumfi has built an industrial enterprise with an estimated asset value of US$53 million — a modern fruit-processing facility, Ghanaian juice brands, and a foundation for international market expansion.

Yet this substantial investment has lived with a contradiction.

Despite significant processing capacity, the company has been constrained by inadequate supplies of pineapple and other fruits, and by the 20% excise duty imposed on locally manufactured fruit juices in 2023. At times, production has been limited to roughly two days a week, leaving equipment and infrastructure underused.

The cost reaches well beyond the company. Farmers lose an established industrial buyer. Young people miss employment and enterprise opportunities. Ghana loses manufacturing output and export earnings.

Ekumfi’s challenge has never simply been the existence of a factory. It has been building the agricultural and financial ecosystem needed to keep that factory running at its potential.

Today, the government’s excise reforms, the Feed the Industries Programme and the 24-Hour Economy agenda create an opening to address those structural constraints.

The Excise Duty Removal Creates a New Opening

Finance Minister Dr Cassiel Ato Forson announced the abolition of the 20% excise duty on locally manufactured fruit juices in the 2026 Mid-Year Budget Review on 23 July. The exemption, enacted under the Excise Duty Act, 2026, took effect on 1 October 2026.

For Ekumfi, the change can improve price competitiveness, strengthen operating margins, stimulate consumer demand and free up room for reinvestment in agricultural production.

But removing the tax solves only one side of the industrial equation.

The more fundamental challenge is raw material. A processing plant cannot run three shifts a day when its agricultural supply chain supports only a fraction of installed capacity.

This is where Feed the Industries becomes decisive.

Feed the Industries: Linking Ghana’s Farms to Its Factories

The Feed the Industries Programme, under the 24-Hour Economy framework, is designed to connect agricultural production directly to industrial demand.

For Ekumfi, that means a coordinated fruit-supply system drawing on commercial estates, smallholder farmers, youth agricultural enterprises, out-grower cooperatives and agricultural service providers.

Management estimates that sustained 24-hour operations would require more than 9,000 acres of pineapple and other fruits.

Crucially, the land is already in place. Ekumfi has secured 9,500 acres for juice, tea and tepache feedstock — more than the full 24-hour requirement — with full capacity achievable within 36 months. The constraint is no longer land, but the planting finance, inputs and grower mobilization needed to bring it into production.

That is not merely an agricultural challenge. It is a major economic opportunity.

Rather than relying solely on company-owned plantations, Ekumfi can establish structured partnerships with thousands of farmers and young entrepreneurs growing fruit under agreed quality, delivery and pricing terms. The factory gains dependable supply; growers gain a defined industrial market.

Feed the Industries can turn Ekumfi’s raw-material shortage into rural wealth creation.

GH₵52,000 Per Acre: A New Opportunity for Youth and Pineapple Growers

The most compelling dimension of the proposed expansion is the opening it creates for youth, smallholders, landowners and agricultural entrepreneurs to participate directly in the pineapple value chain.

Under the proposed cultivation model, one acre of pineapple could generate an estimated GH₵52,000 in gross revenue per successful harvest cycle. Young people could start commercial farming on modest plots; existing growers could scale up.

If the full 9,000-acre requirement were planted with pineapple at this revenue level, gross farm-gate value could reach GH₵468 million per harvest cycle. Because Ekumfi also needs other fruits, the real mix will depend on acreage allocated to each crop.

The programme could be structured around one-acre, five-acre and ten-acre production units for young growers, backed by land access, improved planting material, technical assistance, mechanization and structured off take agreements.

The opportunity extends well beyond the farm gate: seedling multiplication, land preparation, irrigation, harvesting, transport, aggregation, farm management and agricultural technology could each support thousands of livelihoods.

Management estimates that the full Ekumfi value chain — nurseries, land preparation, cultivation, harvesting, haulage, aggregation, processing, packaging and distribution — could support around 18,000 jobs in the Central Region alone.

One distinction matters. GH₵52,000 is potential gross revenue, not guaranteed profit. Growers must cover cultivation, labour, inputs, financing and transport, and a pineapple cycle can run longer than a year.

Even so, the model shows how industrial demand can anchor commercial agriculture. Instead of simply urging young Ghanaians into farming, the country can offer them a defined industrial market, structured production support and a real pathway to commercial income.

From Two Days a Week to US$4 Million a Month

Management estimates that with adequate raw material, working capital and market access, sustained 24-hour production could deliver monthly turnover of about US$4 million — US$48 million a year.

Moving from two days a week toward continuous operation would sharply improve utilization of existing equipment, utilities, labour and infrastructure, while expanding market presence and multiplying demand for local produce.

The lesson for Ghana’s industrial agenda is clear: the country can unlock substantial value not only by building new factories, but by helping existing ones run at full capacity.

Could Ekumfi Repay Its EXIM Credit Within Two Years?

One of the most consequential implications concerns Ekumfi’s obligations to Ghana EXIM Bank.

At US$48 million in annual turnover, the company would generate materially stronger cash flow to support restructuring and repayment. Illustratively, a 15% free-cash-flow margin would yield about US$7.2 million before further financing needs or restrictions on distributions.

At that level, the restructured US$6 million EXIM credit could be cleared within 24 months. That means about US$3 million a year, or US$250,000 a month, which is less than half of the illustrative annual free cash flow. Even at half that margin (7.5%), annual cash generation of about US$3.6 million would still cover the principal schedule. A two-year plan repays EXIM in full while leaving headroom for working capital, cropping and interest, rather than sweeping every cedi to a single lender.

Restructuring the existing EXIM exposure into a US$6 million credit does two things. It gives Ekumfi a defined, serviceable obligation, and it leaves room for other financial institutions to participate, providing the working-capital, raw-material and expansion finance that no single lender should carry alone. The actual timeline will still depend on interest, operating margins, working-capital needs and agreed repayment terms.

The broader point stands: restoring industrial productivity offers development financiers a more credible recovery pathway than leaving major manufacturing assets idle. A structured recovery programme can align EXIM’s repayment interests with agricultural expansion, higher factory output and growing export revenue.

From Ghanaian Pineapples to a Global Juice Brand

Ekumfi’s processing platform can produce value-added beverages from pineapple, citrus, ginger, passion fruit and other local crops.

With adequate volumes, competitive pricing, consistent quality and established distribution partners, the company can extend its reach across African, European, North American and Middle Eastern markets.

The gains ripple through the economy: more fruit production creates farm income; more manufacturing creates industrial jobs; packaging and distribution support other businesses; exports earn foreign exchange.

This is the central promise of agricultural industrialization — converting locally grown crops into internationally marketed finished products, and capturing value through processing, branding and distribution rather than exporting raw produce.

Why Ekumfi Survived Where State-Led Factories Stalled

Ekumfi’s story becomes sharper when set beside the record of state-led agro-industrial investment in the same region and beyond.

The record is sobering. The state-owned Ayensu Starch Company has shut down repeatedly since 2002 over raw-material shortages and equipment failures. The Komenda Sugar Factory, rebuilt in 2016 for about US$35 million, has barely operated since. NABCO placed some 100,000 graduates in temporary public roles that ended without a pipeline into lasting enterprise. And under One District, One Factory (1D1F), more than 300 factories stand idle or unfinished today.

The common thread is not a shortage of public money. Over three decades and more, the state has committed capital to factories and programmes without the sustained private ownership, management discipline and equity at risk needed to keep them running when conditions turned difficult.

Ekumfi took a different route. Backed by private sponsors with their own capital committed, it has kept its factory, brands and markets alive through the excise burden, raw-material shortfalls and financing delays — and today sells Ghanaian juice at home and abroad.

That is a lesson the state should note. Rather than building and running factories on its own, or simply recovering legacy debt from the private ventures that survived, government and its development finance institutions should consider taking equity positions alongside committed private sponsors. Equity aligns the state with the upside as utilization rises, strengthens the balance sheet lenders look to, and leaves day-to-day management with operators who have proven they can keep a factory running. Ekumfi offers a ready test case.

A Practical Model for the 24-Hour Economy

Ekumfi can serve as a demonstration project for how Feed the Industries and the 24-Hour Economy work together. The model connects six elements:

• Agricultural expansion — develop 9,000+ acres of pineapple and other fruits through company estates, commercial growers and outgrower arrangements.
• Youth and farmer empowerment — enable growers to target gross crop revenue of up to GH₵52,000 per acre per successful harvest cycle.
• Industrial production — progressively raise factory utilization toward sustained 24-hour operation.
• Market development — expand domestic distribution and exports to support projected turnover of US$48 million a year.
• Financial recovery — service the restructured US$6 million EXIM credit from operating cash flow, while other institutions participate in funding growth.
• State equity partnership — convert public support into equity alongside private sponsors, sharing in the upside of a working factory rather than funding stalled ones.

Delivery requires collaboration among Ekumfi, Ghana EXIM Bank, the Ministry of Food and Agriculture, the Ministry of Trade, Agribusiness and Industry, the 24-Hour Economy Authority, agricultural investors and commercial financiers — and a phased implementation plan with independently validated yields, acreage, processing capacity, customer demand and working-capital needs.

The Bigger Picture: Turning Industrial Investment Into National Wealth

Ekumfi’s story poses a question for Ghana’s development-finance strategy: what happens when the country invests in a major industrial asset but not in the supply chain needed to sustain it?

The answer is an underused factory, mounting financial pressure, lost farm income and missed exports.

The reverse is just as true. When agriculture, manufacturing, finance and markets are coordinated, the same investment becomes an engine of growth.

For young people, the opportunity can begin with a single acre of pineapple. For established farmers, it means scaling up with a dependable industrial buyer. For Ghana EXIM Bank, it offers a pathway to improved recovery through higher production. For Ghana, it demonstrates how Feed the Industries can turn agricultural potential into manufacturing output, export earnings and rural prosperity.

The Ekumfi Opportunity Is Bigger Than One Factory

Ghana does not need to abandon valuable industrial investments because they have faced difficulty. It needs to identify and remove the constraints holding them back.

For Ekumfi Fruits & Juices, that means connecting a modern processing factory to thousands of acres of productive farmland, empowering young growers and expanding markets for Ghanaian-made beverages — moving from limited weekly runs to 24-hour operation, from raw-material shortage to a structured supply chain, and from financial pressure to a firm foundation for repayment and export growth.

The factory has been built. The asset exists. The land has been acquired. The task now is to feed the factory, empower the farmers, create wealth for the youth and build a globally competitive Ghanaian juice brand.

That is the promise of Ekumfi under Ghana’s Feed the Industries and 24-Hour Economy agenda.

Nikpe made the remarks during a visit to the Meridian Port Services (MPS) Terminal at the Tema Port, where he engaged management on measures to improve the entry and exit of cargo.

Currently, we are faced with a challenge, the container congestions in the port, and I believe this worries all of us, including you”, he noted.

According to the Minister, the congestion reflects a gap between the growth in cargo volumes and the expansion of infrastructure supporting port operations.

He said while the development of Terminal 3 has increased the port’s capacity to handle cargo, supporting infrastructure has not kept pace.

We are putting in Terminal 3, the containers, the cargo is coming, but we didn’t continue to improve other infrastructure that is linking up with the port”, he added.

Nikpe said government is consequently considering improvements to roads and harbour routes, alongside the development of additional berths to accommodate more vessels.

That’s why we are talking about the material routes, and then the harbour route expansions. And again, looking at creating more new berths that will be able to receive whatever ships that will be calling on our port”, he said.

He assured port stakeholders that government will accelerate work on the proposed interventions to address the congestion.

Government is looking at how we can fast-track activities to be able to remove this challenge”, he said.

Nikpe said the broader objective is to improve the efficiency of the Tema Port and preserve Ghana’s position as a preferred destination for maritime trade

The figures are contained in the First Quarter Trade Newsletter released by the GSS.

Ghana exported goods worth US$10.2 billion during the period, while imports amounted to US$5.9 billion.

The  Government Statistician, Dr. Alhassan Iddrissu, said the figures meant that “for every 100 cedis that Ghana earned from exports, 58 per cent went back out on imports.”

He, however, cautioned that the headline surplus largely reflects the value of goods at prevailing prices.

Once we strip out rising prices, Ghana actually received more goods than it shipped; that is, exports of US$ 2.6 billion against imports of $3.2 billion,” Dr. Iddrissu added.

Gold remained Ghana’s biggest export during the quarter, generating US$5.9 billion in export earnings.

Cocoa exports also improved, but the Government Statistician warned that Ghana’s export earnings remain concentrated in a narrow range of commodities.

Much of the increase in export prices during the quarter was driven by gold, further highlighting the commodity’s dominant role in Ghana’s external trade.

Dr. Iddrissu also raised concern about the concentration of Ghana’s export markets.

“India and Switzerland together took more than a third of what Ghana sold,” the Government Statistician revealed.

It fails in the payment. Goods can move freely across a continent, but if the money behind them takes a week and three intermediaries to arrive, that freedom means little.

This is the quiet problem Ghana’s next phase of trade growth depends on solving, and it’s why two systems with unglamorous acronyms, CIPS and PAPSS, deserve more attention in boardrooms than they currently get.

The Cost of Doing Business Across Borders

For years, Ghanaian businesses trading internationally have leaned on correspondent banking networks, chains of intermediary banks that route a payment from one currency system to another, usually settling in US dollars regardless of where the goods actually originate. Each link in that chain adds cost, time, and uncertainty.

Payment can take days to clear, exchange rates can move against a business mid-transaction, and visibility into where funds actually sit is often poor. For large corporates with treasury teams, this is manageable friction.

For small and medium enterprises, which make up the backbone of Ghana’s export base but rarely have the resources to hedge currency risk or absorb delayed settlement, it can be the difference between winning a contract and losing it to a competitor with faster, cheaper payment rails.

Intra-African trade has suffered the same fate. Even between neighboring countries, payments have often had to be routed through currency conversions and external correspondent banks before reaching their destination, adding cost to transactions that should, in principle, be simple.

Two Systems, Different Jobs

PAPSS, the Pan-African Payment and Settlement System, and CIPS, China’s Cross-Border Interbank Payment System, solve different pieces of this puzzle.

PAPSS allows businesses to settle payments directly in local currencies across participating African markets, cutting out the need for multiple conversions and reducing reliance on correspondent banks altogether. That translates into lower costs, faster settlement, and far greater certainty for businesses trading within the continent.

CIPS operates on a different corridor entirely, giving Ghanaian businesses a more direct channel for Renminbi denominated transactions with China, Ghana’s largest trading partner. Fewer intermediary steps mean fewer points of failure and faster, cheaper settlement when trading with Chinese counterparts.

Used together, the two systems don’t compete; they complement. One strengthens Ghana’s position within Africa, the other strengthens its connection to Asia and together they give Ghanaian businesses a more resilient, diversified way to move money that matches how they trade.

Turning Policy into Practice

The African Continental Free Trade Area promises a single market of over a billion people, but a single market only works if payments move as freely as goods do. PAPSS is the infrastructure that makes that promise practical rather than aspirational and its public launch in Accra, alongside Ghana’s role as host of the AfCFTA Secretariat, places the country at the center of that shift rather than on its periphery.

The businesses best positioned to feel this shift are Ghana’s SMEs. For smaller importers and exporters, payment costs eat up a disproportionate share of every transaction, and slow settlement can tie up working capital they can’t afford to lose.

Faster, cheaper, more transparent payment rails give these businesses room to compete in markets that were previously too costly to enter, whether that’s a trader sourcing raw materials for manufacturing, an agribusiness reaching new export markets, a mining company settling with international partners, or a digital services firm delivering across borders.

The sectors that benefit most are, unsurprisingly, the ones most exposed to cross-border commerce in the first place.

What Still Needs to Change

None of this happens automatically. Technology can build the rails, but businesses still need to know how to use them. That means boards and management teams treating payment infrastructure as a strategic lever for growth rather than a back-office banking function, and it means stronger treasury capabilities and digital literacy across the business community.

Regulators, banks, fintechs, and trade bodies all have a role to play in closing that gap, and banks in particular carry real responsibility here: educating clients, supporting onboarding, structuring trade finance, and helping businesses navigate the compliance and foreign exchange requirements that come with any new payment channel.

Interoperability between banking systems and regional networks, alongside continued vigilance on cybersecurity and anti-money laundering compliance, will determine how smoothly this infrastructure scales.

Ghana’s Next Chapter

Ghana already sits in a strategically valuable position: home to the AfCFTA Secretariat, an early adopter of PAPSS, and one of the African markets live on the CIPS rail.

If the country continues building out this payment infrastructure with the same intent it has shown so far, the destination is a Ghana that trades more competitively across Africa, settles more efficiently with Asia, and attracts the kind of regional treasury and headquarters functions that come with a genuine financial hub status.

Trade agreements open the doors. Payment systems are what let businesses actually walk through them. Ghana has an opportunity most countries on the continent don’t yet have, and the work now is making sure its businesses are ready to use it.

Dr. Forson said China had become Ghana’s largest trading partner, but the country was not getting enough value from the relationship because too many exports remained in their raw form.

He made the call at the opening of the Fifth Session of the Ghana–China Joint Commission on Economic, Trade and Technical Cooperation.

China is now Ghana’s largest trading partner, but the structure must improve,” the Finance Minister said.

He said Ghana wanted to increase the amount of cocoa and other raw materials processed locally before they were exported to China and other international markets.

According to Dr. Forson, Ghana’s goal is to attract Chinese investment into factories, processing plants and other businesses that can create jobs and build local skills.

We seek investments that build processing plants and manufacturing lines, transfer technology, procure from Ghanaian businesses, train our people and create sustainable jobs,” he said.

Focus on jobs and local businesses

The Finance Minister said stronger economic ties with China should not be measured only by the value of goods traded between the two countries.

He said Ghana wanted Chinese investments to support local businesses, create jobs and help build the country’s industrial base.

Greater local processing, he added, would allow Ghana to earn more from its natural resources instead of exporting raw materials and importing finished products at higher prices.

The government is therefore seeking more investments in manufacturing, agro-processing, technology and other productive sectors that can increase domestic production and reduce the country’s dependence on imported finished goods.

China promises stronger partnership

China’s Assistant Minister for Commerce, Zhang Li, who is visiting Ghana for the first time, welcomed the government’s efforts to strengthen the economy.

He reaffirmed China’s commitment to expanding economic and trade cooperation with Ghana.

Zhang also expressed China’s readiness to support the government’s Big Push Programme, which is aimed at accelerating infrastructure development, investment and economic growth.

The discussions between the two countries are expected to focus on expanding trade and investment while identifying new areas of cooperation.

For Ghana, the key issue will be ensuring that increased Chinese investment leads to more local production, technology transfer, skills development and jobs rather than simply increasing the volume of imports and exports.

Speaking at the Prudential Bank Business Forum on Wednesday on the topic, ‘The Future of Intra-African Trade: Opportunities, Challenges and the Role of Ghanaian Businesses under AfCFTA’,  Prof. Bokpin said Africa’s trade architecture remains largely designed to serve external markets rather than facilitate commerce within the continent.

According to him, decades after independence, African countries still face structural barriers that make it easier to trade with Europe and Asia than with neighboring countries.

He noted that in many cases, goods destined for another African country must first pass through Europe before reaching their final destination, while direct flights between many African capitals remain limited.

The Africa we inherited was designed to serve the rest of the world, not Africans themselves,” he said. “Almost 60 years after independence, we have not fundamentally changed that structure. As a result, the cost of trading among ourselves remains much higher than trading with the rest of the world.”

Prof. Bokpin observed that Africa records the lowest level of intra-regional trade globally, significantly lagging behind regions such as Europe, Asia and North America. He attributed this to inadequate connectivity, fragmented markets and weak regional infrastructure.

He also pointed out that China has emerged as Africa’s single largest trading partner, reflecting the continent’s strong dependence on external markets.

China is looking for new markets as it deals with excess production capacity and trade tensions with Europe and North America. Africa presents enormous opportunities, but we must engage strategically,” he said.

Prof. Bokpin stressed that the AfCFTA offers Africa an opportunity to reverse this trend by creating a unified market of more than 1.4 billion people capable of attracting investment, improving economies of scale and expanding regional value chains.

He explained that increased trade among African countries would encourage industrialisation because intra-African trade consists largely of manufactured and value-added products, unlike Africa’s trade with the rest of the world, which is dominated by exports of raw materials.

The world does not reward raw materials; it rewards value addition. You earn higher margins only when you add value to what you produce,” he stated.

He said fully implementing the AfCFTA could significantly boost incomes across the continent, expand intra-African exports and create new opportunities for businesses, particularly if supported by efficient cross-border payment systems and improved transport networks.

Earlier, the acting Managing Director of Prudential Bank, Ebow Quayson, said Africa-China trade presents enormous opportunities for businesses, but success will depend on addressing practical challenges such as financing, regulations, payment systems and market access.

He said Prudential Bank’s role extends beyond banking to facilitating trade and supporting businesses with the financial solutions, knowledge and partnerships needed to compete in regional and global markets.

Quayson noted that the AfCFTA has created a market of more than 1.4 billion people with a combined GDP exceeding $3 trillion, while China remains Africa’s largest trading partner and a critical gateway to global supply chains.

He urged participants to use the forum to engage experts, exchange experiences and build partnerships that would help expand trade between Africa and China.

The Head of the China Desk at the Ministry of Finance, Dr. Nii Amu Okotokata Dodoo-Amoo III, said Ghana is committed to supporting initiatives that reduce dependence on the US dollar in Africa-China trade, describing local currency settlement as a critical step toward strengthening Africa’s financial sovereignty.

He noted that a significant portion of trade between Africa and China continues to be settled in a currency that neither Africa nor China issues.

According to him, shifting towards settlement in local currencies presents a “real opportunity waiting to be seized,” particularly as the African Continental Free Trade Area (AfCFTA) creates new opportunities for intra-African commerce.

A large share of our trade is still settled in the US dollar—a currency that neither Accra nor Beijing issues. Local currency settlement is a real opportunity waiting to be taken.”

He explained that adopting local currency payment systems would enable African economies to retain more value within the continent, reduce businesses’ exposure to exchange rate volatility, and lower transaction costs for traders.

When we settle trade in our own currencies, we keep more of the value at home, protect traders from exchange rate risks they did not create, and build payment systems that serve African businesses.”

Dr. Dodoo-Amoo noted that the Ministry of Finance views seamless cross-border payment solutions as essential to unlocking the full potential of AfCFTA and deepening economic integration across the continent.

He assured participants that the government is prepared to work closely with financial institutions and the private sector to advance the adoption of innovative payment solutions.

From the government’s side, we have every reason to support this initiative. We are ready to partner with institutions like Prudential Bank to ensure these solutions succeed,” he assured.

He urged Ghanaian businesses to position themselves at the forefront of Africa’s emerging financial architecture rather than merely participating in it.

Africa’s financial future is being built here on the continent. Let us ensure Ghanaian enterprises are among the drivers of that transformation—not merely passengers,he ureged.

Dr. Dodoo-Amoo commended Prudential Bank for introducing innovative cross-border payment solutions, describing the initiative as timely and aligned with Ghana’s broader agenda of promoting regional trade, financial inclusion, and economic transformation.

The Prudential Bank Business Forum brought together business leaders, policymakers, trade associations and industry experts to explore how seamless payment solutions can accelerate cross-border trade, deepen Africa-China commercial relations and unlock new opportunities under the AfCFTA.

Minister for Foreign Affairs Samuel Okudzeto Ablakwa announced the target while receiving the letters of credence of India’s new High Commissioner to Ghana, His Excellency Surinder Bhagat, emphasizing that the two nations are committed to strengthening trade and investment ties.

Ablakwa identified agriculture, information and communication technology (ICT), and pharmaceutical manufacturing as priority areas for deeper cooperation, noting that expanded collaboration would create employment opportunities for Ghana’s growing youth population while supporting the country’s industrialization agenda.

He said Ghana intends to leverage India’s expertise in agricultural technology and mechanization to advance the government’s Feed Ghana Initiative, championed by President John Dramani Mahama.

India’s experience in ICT and pharmaceutical production, he added, also presents significant opportunities for technology transfer, skills development, and investment that could accelerate Ghana’s economic transformation.

We have an ambitious target; we want to double our trade volumes. In the medium term, we are looking at $6 billion, which is doable. We also want to work closely in the area of agriculture; you have a comparative advantage there, you have machinery. And President John Dramani Mahama wants us to collaborate to support the Feed Ghana initiative. Another area is the IT space,” Ablakwa said.

The renewed commitment reflects the longstanding diplomatic and economic relationship between Ghana and India, with both countries seeking to unlock new investment opportunities and strengthen cooperation in sectors critical to sustainable growth, industrial development, and job creation.

The three-day event is being held in partnership with the Ghana Chamber of Construction Industry (GhCCI) with support from the Trade Development Bureau of the Ministry of Commerce of the People’s Republic of China, the Engineering Export Promotion Council of India (EEPC) and the Ghana Investment Promotion Centre (GIPC), reinforcing Ghana’s position as a leading destination for trade, investment, infrastructure and sustainable development.

Held under the theme “Powering Ghana’s 24-Hour Economy: Integrating Infrastructure, Electric Mobility and Sustainable Real Estate for Investment and Trade Competitiveness,” the event running until July 9 has officially launched international exhibitions, high-level conferences, strategic dialogues, investment forums, B2B matchmaking and networking opportunities, including strategic meetings between China’s Trade Development Bureau and the GIPC as well as face-to-face meetings between exhibitors and visitors.

Chairing the opening ceremony, the Ga Mantse, King Tackie Teiko Tsuru II, called on local and international investors to take advantage of Ghana’s political stability, peaceful environment and growing investment opportunities, stressing the importance of collaboration between traditional authorities, government and the private sector in creating conditions for sustainable economic growth.

Delivering the keynote address on behalf of the Presidency, Senior Presidential Advisor and Coordinator of the 24-Hour Economy and Accelerated Export Development Secretariat, Dr. Augustus Goosie Tanoh, outlined government’s vision of transforming Ghana into a production-driven economy anchored on industrialisation, renewable energy and value addition. He said the 24-Hour Economy programme seeks to address Ghana’s long-standing challenge of exporting raw materials while importing finished products by expanding domestic manufacturing capacity and increasing the production of goods for both local consumption and international markets.

Dr. Tanoh noted that while landmark projects established after independence, including major energy and industrial initiatives, laid the foundation for economic growth, Ghana’s full industrial potential remains largely untapped. He stressed that increasing local processing and manufacturing is essential to creating jobs, improving exports and building a competitive economy.

The Senior Presidential Advisor identified affordable and reliable energy as a critical requirement for industrial growth, revealing that the Secretariat is co-developing up to 1.5 gigawatts of utility-scale solar power supported by Battery Energy Storage Systems (BESS). Construction of the first 100-megawatt facility is expected to commence next month, with the initiative expected to reduce electricity costs for industries and improve manufacturing competitiveness.

Representing the Minister for Trade, Agribusiness and Industry, the Chief Executive Officer of the Ghana Free Zones Authority (GFZA), Dr. Mary Awusi, reaffirmed government’s commitment to creating a competitive environment for investors. She highlighted incentives under the Free Zones Scheme, including a ten-year corporate tax exemption, customs duty waivers on production inputs, unrestricted repatriation of profits and access to major international markets.

Speaking on the sidelines of the opening ceremony, Chairman of MIE Group, David Wang, said the organisation remains committed to using the Ghana Investment and Trade Week platform to attract foreign direct investment and strengthen business partnerships between Ghana and international markets. Wang, whose organisation MIE Events is the organiser of GITW, said previous editions of the summit had successfully connected Ghanaian businesses with investors from countries including China, India, Türkiye and Italy, resulting in several manufacturing initiatives being established or currently being developed in the country. He said MIE Group’s more than 10 years of engagement with Ghana had reinforced its confidence in the country’s potential as an investment destination, citing its political stability, security and strategic position as a gateway to West Africa.

Over 20 countries are participating, including Italy, India, Turkey, UAE, Libya, Egypt, USA, Singapore and Rwanda, showcasing the latest innovations, advancements and cutting-edge technologies in construction and energy infrastructure. The co-located events serve as premier platforms for facilitating public-private partnerships, attracting foreign direct investment, accelerating infrastructure development, promoting sustainable energy solutions and strengthening Ghana’s position as a regional hub for trade and industrial growth, providing opportunities for local and global entrepreneurs to connect, collaborate and expand their market reach in the promising West African market.

Speaking on behalf of the Minister for Trade, Agribusiness and Industry, Elizabeth Ofosu-Adjare, at the opening of the seventh Ghana Trade and Investment Week in Accra, Dr. Awusi said the government’s vision is to build a competitive and resilient economy anchored on infrastructure, reliable energy, efficient logistics and a vibrant private sector.

The three-day event, organised by MIE Group in partnership with Dubai Multi Commodities Centre (DMCC) and GBS Services, has brought together policymakers, investors, development partners and business leaders to explore investment opportunities across key sectors of Ghana’s economy.

Dr. Awusi said the theme, “24-Hour Economy: Integrating Infrastructure, Energy, Mobility and Sustainable Real Estate for Investment and Trade Competitiveness,” aligns closely with the strategic direction of the Ghana Free Zones Authority.

The theme is both timely and forward-looking. It reflects Ghana’s aspiration to build an economy that is productive, competitive and resilient—one that is supported by modern infrastructure, reliable energy, efficient logistics and a dynamic private sector,” she said.

She noted that the Free Zones Authority remains committed to creating an enabling environment that attracts export-oriented investments, promotes value addition, supports industrialisation and creates sustainable employment.

According to her, Ghana continues to position itself as a preferred manufacturing and export hub in Africa through an attractive incentive regime and improved investor facilitation.

Dr. Awusi highlighted several incentives available to Free Zones enterprises, including a 10-year corporate tax holiday, reduced tax rates thereafter, exemptions from import duties and levies on production inputs, unrestricted repatriation of profits and protection against double taxation.

Our mandate is to attract strategic local and foreign investment, promote industrialisation, increase exports and create sustainable employment opportunities. We continue to provide end-to-end investor facilitation and aftercare services to support businesses throughout their investment journey,” she stated.

She added that investors in Ghana also benefit from preferential access to major international markets through trade agreements such as the African Continental Free Trade Area (AfCFTA), the African Growth and Opportunity Act (AGOA), the Ghana-UK Trade Partnership Agreement and the Economic Partnership Agreement with the European Union.

Dr. Awusi urged participants to use the forum to establish partnerships and explore Ghana’s growing investment opportunities.

Together, we can build a stronger Ghana, strengthen our industries, expand exports and create quality jobs for our mutual benefit,” she said.

Chairman of the event, Ga Mantse Nii Tackie Teiko Tsuru II, underscored the critical role of traditional authorities in the successful implementation of the government’s 24-hour economy policy.

He said the policy presents a transformative opportunity to increase productivity, stimulate industrial growth and create employment, but stressed that its success depends on stability, inclusiveness and collaboration.

Ghana’s 24-hour economy policy presents a transformative opportunity for increased productivity, industrial growth and, most importantly, job creation. However, for this vision to succeed, it must be anchored on stability, inclusiveness and trust,” he said.

The Ga Mantse noted that traditional leaders remain key partners in facilitating access to land for infrastructure and real estate development, maintaining peace and security, and promoting skills development and youth employment within their communities.

The government, the private sector, development partners and traditional authorities must work together. The realisation of Ghana’s economic transformation agenda depends on this collaboration,” he added.

The seventh Ghana Trade and Investment Week is expected to deepen trade partnerships, attract new investments and advance discussions on Ghana’s industrial transformation and competitiveness under the 24-hour economy agenda.